The new report by Expert Market Research titled, ‘Global Fluorspar Market Price, Share, Size, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2023-2028’, gives an in-depth analysis of the global fluorspar market, assessing the market based on its segments like product type, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5.6%
Fluorspar’s market growth can be due to its widespread application in the manufacture of aluminum, steel, and lithium-ion batteries. The growing popularity of electric vehicles is driving up demand for lithium-ion batteries, which is driving up fluorspar demand. Furthermore, the growing number of off-grid installations and power plants is increasing the use of lithium-ion batteries, boosting market development even further.
The growing demand for power backup in the medical industry is driving up the use of lithium-ion batteries, which is fueling the fluorspar industry’s expansion. The widespread usage of lithium-ion batteries in various consumer electronics, owing to the growing need for better electronic devices, is fueling the fluorspar industry’s rise.
Fluorspar Industry Definition and Major Segments
Fluorspar is the mineral form of calcium fluoride, often known as fluorite. Because of the presence of many impurities, it is brightly colored. It is utilized in the production of a variety of items, including refrigerants, uranium fuel, and steel. It is primarily found in China and South Africa.
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The major product types of fluorspar are:
- Optical Grade
- Lapidary Grade
The market can be broadly categorised on the basis of its applications into:
- Aluminium Production
- Steel Production
- Hydrofluoric Acid Production
- Lithium-ion Battery
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Fluorspar Market Trends
Due to its use as a raw material in the synthesis of hydrofluoric acid, which is a precursor to practically all fluorine compounds, the worldwide fluorspar market is expected to grow steadily over the projected period. Fluorspar’s use in steel and aluminum production will also be a major driver of market expansion. The mineral form of calcium fluoride, generally known as fluorite, is the product. Increasing demand for fluorochemicals from a variety of end-user sectors, as well as increased aluminum and steel production, will propel the global fluorspar market forward over the forecast period.
Fluorspar is treated with strong sulfuric acid to yield the majority of hydrofluoric acid. Hydrofluoric acid is used in mining, industrial chemistry, refining, silicon chip manufacture, cleaning, and glass finishing, among other things. In the oil refining process, hydrofluoric acid is utilized as a catalyst. It is also employed in the manufacturing of organofluorine compounds and other fluorine-based products. These fluorine compounds are widely employed in air conditioning and as refrigerants.
These factors will increase demand for hydrofluoric acid in the coming years, propelling the fluorspar market forward during the forecast period. Environmental concerns about fluorite mining, which is typically done by blasting, may stifle market expansion throughout the projection period. Blasting causes undesired air and ground vibrations, hence different mining methods were developed to lessen blasting during fluorspar mining. The toxic nature of fluorine gas and the high corrosivity of hydrofluoric acid are two more problems that may limit the industry’s expansion.
Key Market Players
The major players in the market are Mexichem S.A.B. De C.V, Masan Group, Fluorsid S.p.a., Minersa Group, Kenya Fluorspar Company Ltd., China Kings Resources Group Co.,Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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